Edison, Italy's second-biggest power utility, and Greek refiner Hellenic Petroleum have received the green light from the European Commission for a joint venture, Reuters reports.

The venture would make the combination the second-biggest power operator in Greece.

The 50-50 joint venture aims for a generating capacity of more than 1,500 megawatts, equal to about 12% of the fast-growing Greek market, Edison said when the deal was announced in July.

"After examining the operation, the Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the EU executive said in a statement.

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